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Crypto Miners Are Spreading Their Wings
Bitcoin is succumbing to some profit-taking and speculation regarding the Federal Reserve’s outlook for September interest rate cuts. But shares of cryptocurrency miners have been somewhat resilient relative to their histories of tumbling when bitcoin retreats. For example, the CoinShares Valkyrie Bitcoin Miners ETF (WGMI) is off less than 1% for the week ending August 21. That’s not terrible when considering bitcoin’s retrenchment. WGMI’s relative sturdiness could be the result of miners spreading their business wings while realizing improved economics via pooling of graphics processing units (GPUs) needed ... (full story)
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